Important information for our customers

We’ve made changes to the Westpac Personal Loans General Conditions

We have made changes to the Westpac Personal Loan and Flexi Loan General Conditions to make them more concise and easier to understand.

 

Some administrative changes have also been made; these include:

Personal Loan

  • Simplified the ‘variation’ clause so it is easier to understand what changes we can make to your contract and how we will notify you of those changes. In some circumstances, we may now notify you of a change by publishing a notice, for example on our website or our online banking app, or a combination of these means.
  • Clarified that, in certain scenarios, we will only consider your loan to be in default (for example where you do not comply with the law or breach certain conditions of the contract) if we reasonably believe the default has a “material impact”.
  • Added a “Tax Reporting Obligations” clause, which requires you to advise us if you or others are a foreign tax resident; and
  • Added our right to restrict use of the loan account where we reasonably suspect the use of the account has caused harm (including financial abuse) to another person.

Flexi Loan

  • Simplified the ‘variation’ clause so it is easier to understand what changes we can make to your contract and how we will notify you of those changes. In some circumstances, we may now notify you of a change by publishing a notice, for example on our website or our online banking app, or a combination of these means.
  • Simplified the description of how the loan operates; for example, the different types of “plans” available, how you can make withdrawals, and the order in which payments are applied to your loan.
  • Amended the “Tax Reporting Obligations” clause in relation to reporting foreign tax residency status to us; and
  • Added our right to restrict use of the loan account where we reasonably suspect the use of the account has caused harm (including financial abuse) to another person.

Personal Overdraft

Taking effect from 18 June 2025 Westpac is varying the standard Terms and Conditions that apply to your Personal Overdraft to make them more concise and easier to understand, while also making some administrative or general changes. Included in these changes, we have:

  • Added a summary of the key terms at the beginning of the document (under “Important Information”).
  • Added a new clause “Appropriate use of your overdraft” that sets out what steps we may take in order to meet our regulatory and compliance obligations.
  • Simplified the ‘variation’ clause so it is easier to understand what changes we can make to your contract and how we will notify you of those changes. In some circumstances, we may now notify you of a change by publishing a notice, for example on our website or our online banking app, or a combination of these means.
  • Added details regarding how to make repayments to your loan.
  • Added a new default clause which details the circumstances in which your Overdraft is in default, and what can happen then. 
  • Added our right to restrict use of the loan account where we reasonably suspect the use of the account has caused harm (including financial abuse) to another person. 
  • Removed the “Trustee” clause as we do not accept trustees as borrowers for the Overdraft.
  • Added an updated clause “What to do if you have a problem or complaint”, setting out what you should do in those circumstances.

 

To access and download a copy of the updated General Conditions, please see below links:

Personal Loan Contract (PDF 210KB)

Flexi Loan general conditions (PDF 305KB)

Personal Overdraft terms and conditions (PDF 269KB)

For more information, please call us on 132 032 or visit in branch